CBRE Arranges Sale of 784-Unit Multifamily Portfolio in Milwaukee Metro
February 1, 2023
CBRE has facilitated the sale of an 11-property multifamily portfolio, featuring a mix of suburban garden-style and urban low- and mid-rise properties, in the Milwaukee metro area to Katz Properties for an undisclosed amount.
CBRE’s Patrick Gallagher, Matson Holbrook and Gretchen Richards represented the seller, Blankstein Enterprises and several affiliated entities, in the transaction. Blankstein is a third-generation, family-owned investment and property management firm established in Milwaukee in 1932.
The portfolio consists of the 196-unit Sunburst Apartments and 48-unit Howard Garden Apartments in Greenfield; the 164-unit Newbury Place Apartments in Oak Creek; and 376 units across eight assets in Shorewood and Milwaukee’s East Side neighborhood. Additionally, A 2,520-sq.-ft. building leased to Einstein Bros. Bagels in Shorewood was included in the sale.
“Working hand-in-hand with the seller, we crafted a targeted and highly confidential marketing strategy and are extremely pleased with the results,” said CBRE’s Gallagher. “This portfolio offered a once-in-a-lifetime acquisition opportunity, and we are thrilled to see it pass on to another strong, local operator.”
The transaction follows the sale of two Blankstein-affiliated properties last week in Milwaukee and Sheboygan counties.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2022 revenue). The company has approximately 115,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.